define trust in legal terms.
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trust The terms of the trust are the duties and powers of the trustee and the rights of the beneficiary conferred by the settlor when he created the trust. State statutes and court decisions govern the law of trusts. The validity of a trust of real property is determined by the law of the state where the property is located.
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- Trust Property. The concept of legal and equitable title is also important when real property is held in a trust. A trust is a collection of assets where a person or entity, called a trustee, holds legal title over the assets but has a legal duty to manage the trust assets for the benefit of one or more persons known as beneficiaries.
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DEFINITION of 'Marital Trust' A fiduciary relationship between a trustor and trustee for the benefit of a surviving spouse and the married couple's heirs. Also called an A trust, a marital trust goes into effect when the first spouse dies. Assets are moved into the trust upon death and the income generated by the assets goes to the surviving spouse. Under some arrangements, the surviving spouse can also receive principal payments.
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Testamentary trust (April 2010) A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in his or her will. A will may contain more than one testamentary trust, and may address all or any portion of the estate.
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- 1995) definition of trust which is as follows the willingness of a party to be vulnerable to the actions of another party, based on the expectation that the other will perform a particular action important to the trustor, irrespective of the ability to monitor or control that other party.
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English trust law English trust law concerns the creation and protection of asset funds, which are usually held by one person for someone else's benefit.Trusts were a creation of the English law of property and obligations, but also share a history with countries across the Commonwealth and the United States.nglish trust law concerns the creation and protection of asset funds, which are usually held by one person for someone else's benefit.
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- A Trust is an obligation (set out in a document called the Deed) which requires a Trustee (company or person(s)) who control the assets of the Trust for the benefit of the Trust's members.trust Deed A Trust Deed is a document that sets out the rights and obligations of all parties involved in the Trust.he payment mechanism will also apply where an employer has an obligation to make a redundancy payment under the redundancy provisions of an award, not withstanding that the award definition of redundancy differs from the Trust Deed definition.
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business trust Definition. Commercial organization managed by appointed trustees (who hold the title to the business ' property) for the benefit of one or more beneficiaries. A business trust is treated as a legal entity by the tax authorities and must have (1) a business purpose, and (2) must function as a business. business trust is treated as a legal entity by the tax authorities and must have (1) a business purpose, and (2) must function as a business.
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Deed of trust (real estate) Deed of trust (real estate) In real estate in the United States, a deed of trust or trust deed is a deed wherein legal title in real property is transferred to a trustee, which holds it as security for a loan (debt) between a borrower and lender. The equitable title remains with the borrower.
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trust The terms of the trust are the duties and powers of the trustee and the rights of the beneficiary conferred by the settlor when he created the trust. State statutes and court decisions govern the law of trusts. The validity of a trust of real property is determined by the law of the state where the property is located.he court appoints a trustee to administer the trust and orders the person having legal title to the property to convey it to the appointed trustee. If two or more trustees are appointed, they always hold the title to trust property in Joint Tenancy with the Right of Survivorship.
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- Definition of trust relationship in the Legal Dictionary - by Free online English dictionary and encyclopedia. What is trust relationship? Meaning of trust relationship as a legal term.
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What Is a Trust? A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.
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trusting trust definition. A combination of firms or corporations for the purpose of reducing competition and controlling prices throughout a business or industry. Trusts are generally prohibited or restricted by antitrust legislation. (Compare monopoly.)
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- DEFINITION of 'Trust Deed'. 1. A formal document which outlines the terms of a trust agreement. 2. A common way to structure real estate purchases, where the title to a property is held in trust until the loan for the property is paid.
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History Test #2 Trust. the combination of industrial or commercial companies in which the stock of the companies is controlled by a central board of trustees, thus making it possible to manage the companies so as to minimize production costs, controll prices, and eliminate competition.
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What Is a Trust? What Is a Trust? A trust is traditionally used for minimizing estate taxes and can offer other benefits as part of a well-crafted estate plan. A trust is a fiduciary arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries.
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Trust law A trust is a relationship whereby property is held by one party for the benefit of another. A trust is created by a settlor, who transfers property to a trustee. The trustee holds that property for the trust's beneficiaries.Trusts exist mainly in common law jurisdictions and similar systems existed since Roman times. trust is created by a settlor, who transfers title to some or all of his or her property to a trustee, who then holds title that property in trust for the benefit of the beneficiaries. The trust is governed by the terms under which it was created.
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Trusts: Should You Serve as Trustee? So here's a quick summary of what a trust is, and why someone would create one in the first place. A trust is an agreement in which one person (the settlor) agrees to transfer property to another (the trustee) who manages that property for the benefit of someone else (the beneficiary).The settlor must legally transfer ownership of the assets to the trustee of the trust.he trust -- in the person of the trustee -- becomes the new legal owner, and the trustee becomes the new manager. The most common kind of trust is a living trust, created to avoid probate court proceedings when the settlor dies. With most living trusts, the settlor is also the first trustee and beneficiary.
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Trustee (April 2009) (Learn how and when to remove this template message) Trustee (or the holding of a trusteeship) is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another.
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Trust Cost A trust is a legal relationship which sets up a person or company (the trustee) to manage property for the benefit of another (the beneficiary). A trust is an estate-planning tool that can be used in addition to or instead of a will. Typical costs:
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Trust law In the simplest terms, a trust is a three-party arrangement in which the founder of. the trust (commonly known as the donor, grantor, or settlor) transfers legal title of the. trust property (a res) to a trustee (a fiduciary with respect to the property) to hold and to.
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trust fund trust fund. n. A collection of property, especially money and securities, held by one party, such as a parent, for the benefit of another, such as a child. trust fund. n. (Banking & Finance) money, securities, etc, held in trust.
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Simple trust (See: trust) SIMPLE TRUST. A simple trust corresponds with the ancient use, and is where property is simply vested in one person for the use of another, and the nature of the trust, not being qualified by the settler, is left to the construction of law. It differs from a special trust. (q.v.) 2 Bouv. Inst.
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Living Trust Information A trust is an arrangement whereby property is managed by one person, called the trustee, for the benefit of another person, called the beneficiary. The trustee holds legal title to the property, and owes a fiduciary duty to the trustee.The trust is created by the grantor, who entrusts his or her property to the trustee for the benefit of the beneficiary of his or her choice.The grantor does not have to designate someone else to be the trustee, but may choose to be the trustee himself.he trust is created by the grantor, who entrusts his or her property to the trustee for the benefit of the beneficiary of his or her choice. The grantor does not have to designate someone else to be the trustee, but may choose to be the trustee himself.
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- Testamentary trust. A testamentary trust (sometimes referred to as a will trust or trust under will) is a trust which arises upon the death of the testator, and which is specified in his or her will. A will may contain more than one testamentary trust, and may address all or any portion of the estate.